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Date : Dec 31, 2019
India’s International Investment Position (IIP), September 2019

Today, the Reserve Bank released data relating to India’s International Investment Position at end-September 2019.

Key Features of India’s IIP in September 2019

  • Net claims of non-residents on India declined by US$ 14.8 billion during July-September 2019 (Table 1).

  • The decline in net claims was due to an increase of US$ 7.4 billion in Indian residents’ overseas financial assets and a reduction in foreign-owned assets in India by US $ 7.4 billion during the quarter.

  • The decline in foreign-owned assets in India was mainly due to reduction in portfolio equity investment.

  • Depreciation of the Indian rupee against the US dollar during the quarter contributed to the reduction in India’s liabilities, when valued in US dollar terms.

  • Increase in reserve assets, currency and deposits as well as overseas direct investments resulted in higher foreign assets of Indian residents.

  • Reserve assets accounted for nearly 65 per cent of total foreign assets (Table 2).

  • The share of debt liabilities in total liabilities increased marginally to 51.0 per cent in September 2019 from 50.6 per cent a quarter ago (Table 3).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/1564


Table 1: Overall International Investment Position of India
(US $ billion)
Period Sep-18(R) Dec-18(PR) Mar-19(PR) Jun-19(PR) Sep-19(P)
Net IIP (A-B) -387.3 -426.9 -436.7 -451.5 -436.7
A. Assets 608.2 606.4 642.1 662.4 669.8
1. Direct Investment 163.5 166.6 170.0 173.0 175.7
2. Portfolio Investment 2.6 2.7 4.7 5.0 4.5
2.1 Equity Securities 1.8 1.4 0.6 1.8 2.3
2.2 Debt Securities 0.8 1.3 4.1 3.2 2.2
3. Other Investment 41.5 41.6 54.5 54.5 55.9
3.1 Trade Credits 0.9 0.3 0.9 2.1 1.7
3.2 Loans 7.1 6.6 9.9 9.8 7.9
3.3 Currency and Deposits 16.6 17.2 25.2 24.2 27.6
3.4 Other Assets 16.9 17.5 18.6 18.4 18.7
4. Reserve Assets 400.5 395.6 412.9 429.8 433.7
B. Liabilities 995.5 1033.3 1078.8 1113.9 1106.5
1. Direct Investment 362.0 386.2 399.2 417.3 416.4
2. Portfolio Investment 237.9 245.8 260.3 267.1 260.0
2.1 Equity Securities 135.2 138.1 147.5 151.2 144.0
2.2 Debt securities 102.7 107.7 112.8 115.9 116.0
3. Other Investment 395.6 401.2 419.3 429.6 430.1
3.1 Trade Credits 104.3 103.7 105.2 107.2 106.6
3.2 Loans 157.6 160.4 168.1 174.0 175.0
3.3 Currency and Deposits 122.1 126.0 130.6 133.8 133.1
3.4 Other Liabilities 11.5 11.2 15.3 14.5 15.4
Memo item: Assets to Liability Ratio (%) 61.1 58.7 59.5 59.5 60.5
R: Revised PR: Partially revised P: Provisional;
The sum of the constituent items may not add to the total due to rounding off.

Table 2: Composition of International Financial Assets and Liabilities of India
(per cent)
Period Sep-18(R) Dec-18(PR) Mar-19(PR) Jun-19(PR) Sep-19(P)
A. Assets          
1. Direct Investment 26.9 27.5 26.5 26.1 26.2
2. Portfolio Investment 0.4 0.4 0.7 0.8 0.7
3. Other Investment 6.8 6.9 8.5 8.2 8.3
4. Reserve Assets 65.9 65.2 64.3 64.9 64.8
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 36.4 37.4 37.0 37.5 37.6
2. Portfolio Investment 23.9 23.8 24.1 24.0 23.5
3. Other Investment 39.7 38.8 38.9 38.5 38.9

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period Sep-18(R) Dec-18(PR) Mar-19(PR) Jun-19(PR) Sep-19(P)
Non-Debt Liabilities 48.4 49.1 49.1 49.4 49.0
Debt Liabilities 51.6 50.9 50.9 50.6 51.0
Total 100.0 100.0 100.0 100.0 100.0

1 India’s quarterly IIP is disseminated with a quarter lag. The IIP for end-June 2019 was placed in the public domain on September 30, 2019.


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